Lordstown Motors probed by SEC for allegedly misleading investors
The Securities and Exchange Commission has asked Lordstown Motors for more information about allegations that the EV startup misled investors about its progress to date. Lordstown Motors said Wednesday that it is cooperating with the inquiry and that its board of directors has created a special committee to review the claims. The startup is backed by General Motors, which has a seat on the board.
The allegations came last Friday from short-selling firm Hindenburg Research, which disclosed along with the report that it had taken a short position in Lordstown Motors. The firm previously released a report about hydrogen trucking startup Nikola that similarly led to probes from the SEC and the Department of Justice. (General Motors was also...